HB 1359 — Credit State Public School Fund from Natural Resources

NOTE:

This bill has been prepared for the signatures of the appropriate legislative officers and the Governor.

To determine whether the Governor has signed the bill or taken other action on it, please consult the legislative status sheet, the legislative history, or the Session Laws.

CCONCERNING ONCERNING CREDITING TO THE STATE PUBLIC SCHOOL FUND MONEY RECEIVED FROM THE REMOVAL OF NATURAL RESOURCES ON PUBLIC SCHOOL LANDSLANDS. .

Be it enacted by the General Assembly ofofthe the State ofofColorado: Colorado:

(a) The public school fund, commonlyreferredcommonly referred to as the permanent fund,isinviolateandtheinterestandincomederivedfromthepublicschoolfund, is inviolateandthe interestand incomederivedfromthepublicschool fund must only be used on the maintenance ofofpublic public schools;

(c) Currentprojectionsanticipatethattheamountsdepositedintothe ________ Capital letters or bold & italic numbers indicate new material added to existing law;

dashes through words or numbers indicate deletionsdeletionsfrom from existing law andandsuch such material is notnotpart part of the act.

(d) Diverting revenue from public school lands to the state public school fund instead of the public school fund has occurred on a one-time basis in the past, most notably, in state fiscal year 2020-21 in response to the economic impacts ofofthe the COVID-19 pandemic;

and (e) Diverting ofofa a portion ofofthis this public school land revenue to the state public school fund must occur on a one-time basis only so that the value ofofthe the state's school lands and the public school fund, which are for the intergenerational support of public schools, are not significantly diminished.

(1) (c) (IV) FFOR OR THE 2025-26 STATE FISCAL YEARYEAR, , THE FIRST TWENTYTWENTY-FIVE FIVE MILLION DOLLARS OF ROYALTIES AND OTHER PAYMENTS FOR THE DEPLETION OR EXTRACTION OF A NATURAL RESOURCE ON PUBLIC SCHOOL LANDS IN EXCESS OF THE MONEY CREDITED TO THE STATE LAND BOARDTRUSTADMINISTRATIONFUNDBOARDTRUST ,PURSUANTTOSECTIONADMINISTRATION 36-1-145(3);FUND, PURSUANTTO SECTION 36-1-145 (3);

CREDITED TO THE PUBLIC SCHOOL CAPITAL CONSTRUCTION ASSISTANCE FUND CREATED IN SECTION 22-43.7-104 (1), PURSUANT TO SECTION 22-43.7-104(2)(b)(I)ANDCREDITEDASSPECIFIEDINSUBSECTION22-43.7-104(2)(b)(I)AND (1)(b)(II)CREDITEDAS OFTHISSECTIONMUSTBETRANSFERREDTOTHESTATEPUBLICSCHOOLFUNDSPECIFIEDIN SUBSECTION ( 1)(b)(II) OFTHIS SECTION MUST BETRANSFERREDTOTHESTATE PUBLIC SCHOOLFUND CREATED IN SECTION 22-54-114.22-54-114.ANY AMOUNT OF ROYALTIES AND OTHER PAYMENTS FOR THE DEPLETION OR EXTRACTION OF A NATURAL RESOURCE ON PUBLIC SCHOOL LANDS IN EXCESS OF THE AMOUNTS DESCRIBED IN THIS SUBSECTION (1)(c)(IV)MUST BE CREDITED TO THE PUBLIC SCHOOL FUND AND BECOME PART OF THE PRINCIPAL OF THE PUBLIC SCHOOL FUND.

ANY(V) AMOUNTFOR OFTHE ROYALTIES2026-27 ANDSTATE OTHERFISCAL PAYMENTSYEAR, FOR THE FIRST FORTY-FIVE MILLION DOLLARS OFROYALTIES AND OTHERPAYMENTS FORTHE DEPLETION OR EXTRACTION OF A NATURAL RESOURCE ON PUBLIC SCHOOL LANDS IN EXCESS OF THE AMOUNTSMONEY DESCRIBEDCREDITED TO THE STATE LAND BOARD TRUST ADMINISTRATION FUND, PURSUANT TO SECTION 36-1-145 (3);CREDITED TO PAGE 2-HOUSE BILL 26-1359 THEPUBLICSCHOOLCAPITALCONSTRUCTIONASSISTANCE FUNDCREATED IN THISSECTION SUBSECTION22-43.7-104(l), (1)(c)(IV)MUSTPURSUANTTOSECTION BE22-43.7-104 (2)(b)(I)AND CREDITED TOAS THESPECIFIED PUBLICIN SCHOOLSUBSECTION FUND( AND1)(b)(IIOF BECOMETHIS PARTSECTION OFMUST THEBE PRINCIPALTRANSFERRED OFTO THE STATE PUBLIC SCHOOL FUND .CREATED IN SECTION 22-54-114.

(V)ANY FAMOUNT OROF THEROYALTIES 2026-27AND STATEOTHER FISCALPAYMENTS YEARFOR ,THETHE FIRSTDEPLETION FORTY FIVE MILLIONDOLLARSOFROYALTIESANDOTHERPAYMENTSFORTHEDEPLETION OR EXTRACTION OF A NATURAL RESOURCE ON PUBLIC SCHOOL LANDS IN EXCESS OF THE MONEYAMOUNTS DESCRIBED IN THIS SUBSECTION (1)(c)(V) MUST BE CREDITED TO THE STATEPUBLIC LANDSCHOOL BOARDFUND TRUSTAND ADMINISTRATIONBECOME FUNDPART ,PURSUANTOF TOTHE SECTIONPRINCIPAL 36-1-145(3);OF THE PUBLIC SCHOOL FUND.

CREDITED TO PAGE 2-HOUSE BILL 26-1359 THEPUBLICSCHOOLCAPITALCONSTRUCTIONASSISTANCEFUNDCREATEDIN SECTION 22-43.7-104(1),PURSUANTTOSECTION 22-43.7-104(2)(b)(I)AND CREDITED AS SPECIFIED IN SUBSECTION(1)(b)(IIOF THIS SECTION MUST BE TRANSFERRED TO THE STATE PUBLIC SCHOOL FUND CREATED IN SECTION 22-54-114.

ANY AMOUNT OF ROYALTIES AND OTHER PAYMENTS FOR THE DEPLETION OR EXTRACTION OF A NATURAL RESOURCE ON PUBLIC SCHOOL LANDS IN EXCESS OF THE AMOUNTS DESCRIBED IN THIS SUBSECTION (1)(c)(V)MUST BE CREDITED TO THE PUBLIC SCHOOL FUND AND BECOME PART OF THE PRINCIPAL OF THE PUBLIC SCHOOL FUND .

The general assembly finds, determines, and declares that this act is necessary for the immediate preservation ofofthe the public peace, health, or safety or for appropriations for PAGE 3-HOUSE BILL 26-1359 the support and maintenance of the departments of the state and state institutions.

____________________________J ____________________________u Juliel McCluskiei James~ es Rashad Coleman, Sr.

SPEAKER OF THE HOUSE PRESIDENT OF OF REPRESENTATIVES THE SENATE ____________________________v ____________________________~ ~ Vanessa Reilly Esthersther van Mourik CHIEF CLERK OF THE HOUSE SECRETARY OF OF REPRESENTATIVES THE SENATE APPROVED________________________________________APPROVED (DateOY\ YY\)Y\Q.--1ct\JI\€k -l2 - 0 ~ ~ \l•.D011W" (Datb and Time) _________________________________________ Jared S."- GOVE COLORADO PAGE 4-HOUSE BILL 26-1359

Polis GOVERNOR OF THE STATE OF COLORADO PAGE 4-HOUSE BILL 26-1359